All of the following statements are true about marginal cost except:
I. marginal cost increases as production expands.
II. when marginal cost is below average cost, average cost is falling.
III. when marginal cost is above average cost, average cost is constant.
IV. when marginal cost meets the average total cost, the average total cost is at its minimum point.
O II and III
O only
O II only
O III only I
O II and IV
O IV only

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

Why is efficiency an important economic goal?

Which of the following occupations relate to a skill category of words and literacy